The global fungicides market will grow at a CAGR of 5.0% from 2017 to 2022 to reach USD 17,210.8 million by 2022, according to the latest publication from Meticulous Research®. The global fungicides market is primarily driven by the reduction in fertile and arable land, improving the resistance of fungi, increasing crop losses due to fungi, advanced agricultural practices and technologies, growing need of higher crop quality and yield, and increasing post-harvest losses. Further, integrated pest management (IPM), and developing nations provide significant opportunities to fungicides manufactures in this market. However, stringent regulations for food safety and quality, increasing awareness regarding the side-effects of crop protection chemicals, increasing cases of soil toxicity, and lengthy product registration process obstructs the growth of this market to some extent.
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On the basis of crop type, the market is segmented into cereals and grains, oilseeds and pulses, fruits and vegetables, turf grass and ornamentals, and others. The Cereals and grains crop type commanded the largest share in the global fungicides market in 2016, owing to their large production across the globe and increasing adoption of fungicides by farmers to control the yield losses.
On the basis of mode of application, the market is segmented into spraying, dusting, soil treatment, seed treatment, volatilization, post-harvest, and others. The spraying application accounted for the largest share in the global fungicides market in 2016, owing to its higher efficiency and simplicity as compared to other modes of applications.
Geographically, Latin America accounted for the largest share in the global fungicides market in 2016, followed by Europe and Asia-Pacific region. The largest share of the Latin America region is mainly attributed to the large arable land, increasing demand for crop yield & efficiency, increasing crop yield losses, less stringent laws related to food safety, increased crop yield, higher adoption of advanced technologies, and availability of government funding. However, Asia-Pacific region is slated to register the fastest growth during the forecast period, primarily due to the large area under agriculture cultivation, growing need to increase crop yield due to increasing population, increasing organic farming and use of biological fungicides, and increasing government funding.
The leading companies have employed various strategies to expand their product and application offerings, global footprint, and augment their market shares. The key players in the global fungicides market are Drexel Chemical Company, Monsanto Company, Biostadt India Limited, Arysta LifeScience Corporation, FMC Corporation, Syngenta, BASF Corporation, Bayer Crop Science Ag, E.I. Dupont Nemours and Company, Sumitomo Chemical Co. Ltd., Nufarm Limited, The Dow Chemical Company, Adama Agricultural Solutions Ltd., Heranba Industries Ltd., and UPL Limited.
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